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INTRODUCTION TO BITCOIN

Q. What is Bit-coin ?
1. Bit-coin is formally a virtual form of currency,by virtual form:- we mean that bit-coin is only available in electronic (i.e digitalized) form.Hence there is no physical presence of bitcoin just like as INR(Indian Rupees), USD(Dollars), Yen,Euro etc.


2.It is a digital payment system which is supposed to be implemented by an unknown programmer or group of programmers under the name of Satoshi Nakamoto.


3.Initially the first presence of Bit-coin was felt
in the year 2009.
 


Advantages of Using Bit-coin:-


1. Bit-coin uses peer-to-peer (P2P) technology i.e the bitcoin r transferred
    from one person to another person e-wallet without the involvement of any
    intermediary.


2. It supports the world-wide connectivity it means that the bitcoin can be  transferred to any part of the world in real world.
 

3. Low-processing fees is another feature regarding the bitcoin transactions  as comparison to formally money-order agents and banking systems.
 

4. It is an open-source. 


5. There is no centralized authority governing the control of bitcoin transactions..And due to this factor bitcoin is extremely cryptographical that
makes it impossible to trace out the path of bitcoin transactions.
 


Disadvantages:-
 
(i)It enables a path to do illegal transactions on the internet without
getting being noticed.Includes:- buying/selling of drugs,arms....etc.....


(ii)If somehow the bit-coin transaction gets failed in between then,there is no way to get the money(i.e bitcoin) back..bcoz there is no way to claim the fraud done using the bitcoin currency.

(iii)Due to lack of governing bodies in case of bitcoin,it may happen :-that there may be sudden rise or fall in the bitcoin..
Inti-ally the rate of Bitcoin was:-
 
In year 2009 :- Rs 6 (approx..)
 
In year 2015:- 45 thousand approx.
 
In year 2017 :- 1 lac approx:-
 




Thank u
Bakul Gupta
(@@@)
Have a nice day

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